Good Morning,

Here's a quick preview of today’s content: Robinhood beats earnings in a big way, JPMorgan partners with Coinbase, Polygon suffers hour-long outage, ARK Invest is busy buying in crypto stocks, foreign crypto accounts under fire, crypto class actions to double, the launchpad wars are in full swing, and so much more

Hey, it’s Almost Friday - Let’s dive in.

Market Snapshot

• Bitcoin briefly rose to $118,640 before falling -2.6% on Wednesday, failing to retest its record high of $122,800

• QCP Capital said the muted price response to positive headlines signaled potential late-cycle behavior

• Analysts warned that a short squeeze in the U.S. dollar and excessive leverage in altcoins could trigger broader market volatility

Market Predictions

• Bettors on Kalshi are predicting how many interest rate cuts the Fed will have this year

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Fed holds key rate steady, still sees two more cuts this year (CNBC)

• Coinbase and JPMorgan team up to link Chase accounts to crypto exchange starting 2026 (TB)

• Kraken seeks $500M at $15B value, eyes possible IPO (TD)

• Robinhood crypto revenue doubles - see full earnings breakdown here

• Tornado Cash trial is now in the jury’s hands (BW)

• JPMorgan, Coinbase partnership ‘removes the need for the middleman’ (TD)

• Kraken said its revenue rose 18% year-on-year in the second quarter of this year, but its adjusted EBITDA declined 7% - see full Q2 breakdown here

• Hyperliquid to refund users affected by platform outage (TD)

• Polygon suffers hour-long outage weeks after complex hard fork (TB)

• Cboe BZX and NYSE Arca propose new SEC listing standards to streamline crypto ETF approvals (TB)

• US Exchanges ask SEC to consider rule change to speed up crypto ETFs (DC)

• DOJ backtracks on pursuing charges against Dragonfly for early Tornado Cash investment (TB)

• Base token launchpad Zora accounted for more tokens created than Solana's Pump.fun and LetsBonk on Monday (DC)

• E-commerce firm PublicSquare adds Custodia's Caitlin Long to board for crypto treasury (TB)

• Florida sheriff's office forced to return seized crypto after legal challenge (DC)

Venture Capital

• Falcon Finance secured a $10M investment from Trump’s World Liberty Financial (CD)

• RD Technologies, a stablecoin fintech firm raises $40M in its series A2 financing from ZA Global, China Harbour, Bright Venture, and Hivemind Capital (TB)

M&A Announcements

• ARK Invest buys another $15.3M worth of Ether strategy firm BitMine Immersion (CD)

• The Ether Machine said it bought 15,000 ETH for $56.9M, bringing its total holdings to 334,757 ETH (TB)

Launches

• Pipe Network launches Firestarter Storage for Solana developers (BW)

• Cboe BZX has filed with the SEC to list the Invesco Galaxy Solana ETF (DC)

Regulation

• Donald Trump’s ‘Golden Age of Crypto’ takes shape with White House working group report (CD)

• Bolivia calls crypto ‘reliable alternative’ to fiat in El Salvador partnership (CT)

• Indonesia will sharply increase taxes on cryptocurrency transactions from 1 August under a finance-ministry regulation published on 30 July (TD)

• The White House proposed Congress consider drafting legislation that would force U.S. residents and companies to report foreign crypto accounts on their taxes (TB)

• Bank of Korea to launch virtual asset committee to monitor crypto (CT)

Cybersecurity

• Chinese exec jailed for laundering $19.5M through crypto mixers and exchanges (DC)

• Bitcoin App Samourai Founders face 5 years in prison following guilty plea (TB)

• Crypto class actions on pace to nearly double in 2025 (CT)

Extra Reads

• It’s paramount as for traders to know everything about the coin they are invested in - How to Check for Locked Liquidity And Why It Matters

• Ethereum’s first decade has taken it from a fringe experiment to the potential backbone of digital finance - 10 reflections on Ethereum’s 10th anniversary

• Fiscal dominance - Behind the Fed’s growing and unavoidable burden

Chart of the Day

We've been discussing the "launchpad wars" for months now. Many teams have entered this market in recent months, and a few have seen incredible flashes of activity.

Recently, there has been a prominent shift of launchpad activity from Pumpfun to Bonkfun.

What's happening? Full breakdown here

Meme Dump

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